Some lenders offer loans with biweekly payments

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Reference no: EM132036708

Some lenders offer loans with biweekly payments rather than monthly payments. Investigate the effect of this on home loans by finding the payment and total interest on a thirty-year simple interest amortized loan of $150,000 at 13% interest. (Round your answers to the nearest cent.)

(a) if payments are made monthly

payment will be $_____

total interest will be $_____

(b) if payments are made biweekly

payment will be $_____

total interest will be $_____

Reference no: EM132036708

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